Payments required in a bankruptcy? Is there any money taken from a person going through bankruptcy if they start work with a good income?
A person in bankruptcy is required to pay monies to the trustee for the benefit of the creditors based on the person’s family situation and income.
The bankrupt is required to make monthly payments to the trustee.
At the end of 7-8 months, the trustee calculates the payments required and a decision is made, based on the calculation, of when the person should be discharged.
You can calculate the monthly payments required and how long you will be in bankruptcy by using our Bankruptcy Calculator:
Earl Sands, Licensed Insolvency Trustee